Ashok Leyland Ltd.

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ashokleyland.comBSE: 500477NSE: ASHOKLEY

Market Cap₹ 98,152 Cr.

Current Price

High / Low₹ 215 / 132

Stock P/E27.4

Book Value₹ 23

Price to Book6.90

Dividend Yield2.09 %

ROCE36.6 %

ROE29.0 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Commercial Vehicles: 82.4% • Spare Parts & Others: 9.9% • Engines & Gensets: 3.2%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

View full sector analysis →

PROS

Company is almost debt free
Company has a healthy return on capital (ROCE) of 36.8%
Company has a good return on equity (ROE) track record: 3 Years ROE 30.7%
Company has delivered good sales growth of 23.5% CAGR over last 5 years
Operating margins have improved to 12.8% from 8.3%
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.59x)

CONS

Valuation is stretched - P/E of 27.4 is well above its own 5-year median (9.6)
Recurring exceptional / one-off items are inflating headline profit
Stock is trading at 6.9x its book value

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsAutomobile & AncillariesAutomobiles-Trucks/Lcv

Part ofNIFTY MIDCAP 100 NIFTY MIDCAP 150 NIFTYMIDCAP150 NIFTY MIDCAP 50 NIFTY MNC

S.No.	Name
1.	TMCV	444.75	39.08	163792.06	0.90	25560.00	1729.63	206670.00	1092.97	31.55	15.95
2.	ASHOKLEY	167.10	28.24	98152.11	2.09	667.77	1.53	13069.59	12.12	14.10	18.49
3.	FORCEMOT	17378.65	18.29	22898.56	0.29	216.59	22.81	2440.01	6.21	41.93	13.63
4.	OLECTRA	1205.65	55.78	9896.06	0.05	26.66	2.44	575.51	65.75	21.12	12.29
5.	SMLMAH	6551.25	60.61	9480.74	0.36	63.62	-4.99	957.54	13.20	31.21	10.45

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	8,152	9,592	9,231	11,219	8,561	8,728	9,436	11,857	8,681	9,538	11,478	14,075	9,634
	7,369	8,558	8,159	9,675	7,688	7,752	8,267	10,116	7,755	8,426	9,999	12,095	8,889
Operating Profit	783	1,033	1,072	1,545	873	977	1,169	1,742	927	1,112	1,479	1,980	745
OPM %	9.61%	10.77%	11.61%	13.77%	10.20%	11.19%	12.39%	14.69%	10.67%	11.66%	12.88%	14.07%	7.73%
	51	25	29	48	22	215	25	92	53	95	-249	68	85
Interest	70	59	62	59	59	61	50	47	42	42	44	42	42
Depreciation	179	180	178	180	173	175	192	179	183	172	177	183	183
Profit before Tax	622	865	903	1,401	701	996	994	1,657	798	1,043	1,064	1,909	830
Tax %	7.34%	35.17%	35.79%	35.75%	25.07%	22.67%	23.35%	24.82%	25.57%	26.05%	25.22%	26.42%	26.63%
Net Profit	576	561	580	900	526	770	762	1,246	594	771	796	1,405	609
	1.96	1.91	1.98	3.07	0.89	1.31	1.30	2.12	1.01	1.31	1.36	2.39	1.04

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	20,140	26,356	29,055	17,467	15,301	21,688	36,144	38,367	38,753	44,007	44,725
	17,945	23,396	25,965	16,294	14,775	20,699	33,213	33,760	33,822	38,279	39,409
Operating Profit	2,195	2,960	3,090	1,174	527	989	2,931	4,607	4,931	5,728	5,316
OPM %	10.90%	11.23%	10.63%	6.72%	3.44%	4.56%	8.11%	12.01%	12.72%	13.02%	11.89%
	-191	171	99	-32	116	592	201	153	354	-29	-1
Interest	155	147	70	109	307	301	289	249	217	170	169
Depreciation	518	598	621	670	748	753	732	718	719	715	715
Profit before Tax	1,330	2,386	2,497	362	-412	528	2,110	3,792	4,348	4,814	4,846
Tax %	8.05%	28.00%	20.57%	33.82%	23.85%	-2.70%	34.60%	30.97%	24.03%	25.93%	26.11%
Net Profit	1,223	1,718	1,983	240	-314	542	1,380	2,618	3,303	3,566	3,581
EPS	4.24	5.85	6.76	0.82	-1.07	1.84	4.70	8.92	11.25	6.07	—
Dividend Payout %	36.30%	41.41%	45.89%	61.28%	-56.15%	54.18%	55.31%	55.52%	55.56%	57.66%	—

COMPOUNDED SALES GROWTH

10 Years:: 9%
5 Years:: 24%
3 Years:: 7%

COMPOUNDED PROFIT GROWTH

10 Years:: 25%
5 Years:: —
3 Years:: 37%

STOCK PRICE CAGR

10 Years:: 15%
5 Years:: 22%
3 Years:: 22%
1 Year:: 24%

RETURN ON EQUITY

10 Years:: 19%
5 Years:: 23%
3 Years:: 31%
Last Year:: 29%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	285	293	294	294	294	294	294	294	294	587
	5,815	6,884	8,032	6,947	6,641	7,005	8,094	8,477	11,184	12,526
	1,794	1,095	770	3,392	4,009	3,509	3,155	1,950	1,469	1,332
Trade Payables	3,117	4,888	5,019	3,037	5,165	6,875	7,175	6,305	7,305	8,329
	3,029	4,177	4,110	2,719	2,341	2,650	3,873	6,586	5,274	5,819
Total Liabilities	14,040	17,336	18,224	16,390	18,450	20,334	22,592	23,612	25,526	28,594
	4,971	5,548	5,615	6,804	7,050	6,601	6,304	5,952	5,845	6,389
Capital Work in Progress	158	234	275	421	229	111	49	96	277	210
	2,879	5,607	2,636	2,720	3,069	4,820	6,664	5,560	8,673	10,679
	2,631	1,758	2,685	1,238	2,142	2,075	2,774	3,191	2,957	3,486
	0	0	0	0	0	0	0	3,570	2,887	2,950
Cash & Bank	912	1,042	1,374	1,322	823	1,047	501	3,438	2,706	2,977
	2,490	3,147	5,640	3,885	5,137	5,680	6,299	1,806	2,180	1,902
Total Assets	14,040	17,336	18,224	16,390	18,450	20,334	22,592	23,612	25,526	28,594

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,502	6,070	198	1,035	-57	2,576	2,536	2,503	7,819	4,792
Cash from Investing	-1,477	-3,429	2,311	-2,177	-975	-1,459	-1,735	902	-4,078	-3,205
Cash from Financing	-1,372	-2,091	-1,616	1,149	206	-724	-940	-1,917	-3,024	-2,217
	-694	123	333	-87	-748	464	-539	1,488	718	-630

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
51.52	51.52	51.52	51.52	51.52	51.51	51.51	51.51	51.51
22.03	24.39	24.09	23.50	23.85	24.32	24.41	24.57	20.67
14.12	12.34	13.04	14.06	13.88	13.59	13.73	13.06	15.75
0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07
12.25	11.65	11.28	10.84	10.68	10.50	10.28	10.79	11.99

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-07

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-07 - Ashok Leyland Limited has informed the Exchange about Schedule of investor meet

2026-09-01

Monthly Business Updates

2026-09-01 - Ashok Leyland Limited has informed the Exchange regarding Monthly Business Updates for the month of August 2026

2026-08-31

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-31 - Ashok Leyland Limited has informed the Exchange about Schedule of investor meet

2026-08-21

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-21 - Ashok Leyland Limited has informed the Exchange about Transcript

2026-08-17

Shareholders meeting

2026-08-17 - Ashok Leyland Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 14, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-14

Shareholders meeting

2026-08-14 - Ashok Leyland Limited has informed the Exchange regarding summary of Proceedings of Annual General Meeting held on August 14, 2026

2026-08-14

Acquisition

2026-08-14 - Ashok Leyland Limited has informed the Exchange about Acquisition

2026-08-14

General Updates

2026-08-14 - Ashok Leyland Limited has informed the Exchange about General Updates on rotation on Statutory Auditors

2026-08-14

Outcome of Board Meeting

2026-08-14 - Ashok Leyland Limited has submitted to the Exchange, the unaudited financial results for the period ended Jun 30, 2026.